Korea closes in on funds supermarket
Industry firms stump up nearly $20 million in seed capital in order to finance a state-backed online venture meant to reduce traditional distributors’ stranglehold.
Korean government and fund-industry officials are set to launch an industry-owned online funds supermarket in January 2014, according to the Korea Financial Investment Association (Kofia) and company executives.
In late June, 24 organisations agreed to finance the utility, which for now is being supervised by a 10-person committee of industry executives under the aegis of Kofia.
Cho Yong-byung, CEO of Shinhan BNP Paribas Asset Management, was named chairman of the committee. He …
Please sign in or register
for free access to 1 article per month from AsianInvestor’s content and archives of over 16,000 articles.
¬ Haymarket Media Limited. All rights reserved.